LIC New Jeevan Shanti (Pension Plan)

Features of LIC New Jeevan Shanti

Given below are the key features of LIC’s New Jeevan Shanti Plan:

1.  A policyholder can avail the death benefit under both options.
2. He or she can get installment benefits for the amount payable on the death over the selected period of five years or ten years or 15 years. 
3. In addition, a policyholder can surrender the insurance policy as per their convenience over the policy tenure. Having said that, the surrender value paid will be higher than the special value or guaranteed surender value.
4. He or she can also get loan facility after three months of date of policy issuance or after the expiration of free look up period.
5. There is no need of medical examination.

Eligibility Criteria

The eligibility criteria that must be met in order to purchase the New Jeevan Shanti insurance policy are mentioned in the table below:

How to Buy LIC New Jeevan Shanti Plan

The different ways by which the New Jeevan Shanti policy can be purchased are mentioned below:

1. Offline:The policy can be purchased by visiting an LIC office.
2. Online: You can visit the official website of LIC to purchase the policy.

How to Purchase LIC New Jeevan Shanti Plan Online?

Give below are the steps to purchase LIC’s New Jeevan Shanti Plan Online:

1. Firstly, you need to visit the official website of LIC.
2. Under the ‘Buy Policy Online’ section, scroll down and click on ‘LIC Jeevan Shanti’ option. 
3. Tap on the ‘Buy Online’ button.
4. Click on ‘Click to Buy Online’ and provide all your details.Click on ‘Calculate Premium. 
5. You will receive a One Time Password (OTP) on your registered mobile number. 
6. Enter the OTP on the required section.
7. Next, enter all your personal details.
8. Check the premium amount and click on ‘Confirm and Proceed’. 
9. Finally, make the premium payment through your preferred mode of payment.

Pension and Death Benefits

1. Maturity benefit option is not provided.
2. Depending on the annuity option that is selected, benefits will be paid on death or survival.
3. Death benefit is paid in case the annuitant passes away at the time of the deferment period.
4. Effective from the day the policyholder passes away, the annuity option can be changed.
5. Pension will be paid once the deferment period has been completed only if the secondary and primary policyholders are alive.

The annuitant's nominee will be paid the death benefit during the deferment term.

Loan Options under LIC New Jeevan Shanti Plan

Loans can be availed only after three months from the date the policy has been issued or after the free-look period has expired (whichever is later). As per the terms and conditions, loans may be provided at the time or after the deferment period.

Free-Look Period

In case the policyholder is not happy with the terms and conditions of the New Jeevan Shanti plan, he/she can return the policy within 15 days from the receipt date to the Corporation. In case the policy has been purchased online, the policy can be returned within 30 days.

The individuals must state the reasons for the cancellation of the plan. Once the policy has been cancelled, the premium that has been paid will be returned after the annuity paid and stamp duty have been deducted.

Exclusions

Suicide: In case the last survivor/ annuitant of the joint life annuity commits suicide within 12 months from the date the policy commences, LIC will void the policy. Under such cases, the Surrender Value or 80% of the premium that is paid, whichever is higher, will be payable. No other claims will be entertained by LIC.

How to Claim LIC’s New Jeevan Shanti Insurance

In order to file a claim for LIC’s New Jeevan Shanti Insurance, you need to visit your nearest LIC branch. Contact with the branch official and then he or she will help you through the complete process.